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Bloomberg
Shares of e-commerce companies from Etsy Inc to Shopify Inc tumbled after weaker-than-expected quarterly earnings and forecasts deepened concern that the pace of online shopping has slowed.
Etsy sank 17% after providing a second-quarter gross merchandise sales forecast that fell short of analyst expectations, while Canada’s Shopify dropped 15% in New York trading after merchandise volume and revenue for the first quarter failed to meet analyst expectations.
Etsy closed at its lowest since June 2020 while Shopify ended at its lowest since April 2020.
The flurry of disappointing results and guidance follows Amazon Inc’s historic rout after the tech giant reported a revenue forecast that came in below what Wall Street had projected. Amazon’s shares have slumped 38% from their peak in July.